Wednesday, June 6, 2018

New Jersey Enacts Individual Mandate

On May 30, 2018 Governor Phil Murphy signed the “shared responsibility tax” bill into law. The law is similar to the ACA’s Individual Mandate, takes effect on January 1, 2019, and requires New Jersey residents to maintain health insurance coverage with minimum essential coverage.

New Jersey’s new mandate will assess an annual penalty for non-compliance of 2.5% of a  household’s income, or $2,085, whichever is greater. A hardship exception will be announced later this year.

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